14 Qantas employees met in the Qantas Theatre and resolved to lodge an application to register Qantas Staff Co-operative Credit Union Limited
A letter from Qantas Empire Airways consenting to the use of the word “Qantas” in our name was presented to the meeting and this was lodged with the formation application
7 Foundation Directors were elected
1960
After 7 months of operations, Qantas Credit Union was able to report that as at 30 June 1960 it had recorded a Surplus of £12,000
Membership 277
Assets £8,168
1961
The first employee, Alec Kennedy was seconded from Qantas for two days per week and appointed as Manager
The Credit Union set a goal to have 1,000 members by 1963 (this was achieved)
Membership 460
Assets £30,000
1962
Passbooks were replaced with Member Statements
Membership 574
Assets £42,976
1963
1,000 Member target was achieved (by December)
Deposits were £100,000 and Loans were £100,000
20% of Qantas's Australian based employees were members of the Credit Union
Membership 898
Assets £88,258
1964
After 5 years of operation, 1,772 loans had been approved and funded
3 full time employees were seconded to the Credit Union from Qantas
Membership 1,310
Assets £182,524
1965
Employees from British Airways & Air New Zealand were allowed to become Members
Membership 1,785
Assets £248,807
1966
Australia changed to decimal currency – out with pounds, shillings and pence
Qantas employees located outside Sydney Metropolitan are allowed to join
A Membership drive was launched and Membership was opened to family members
New streamlined procedures enabled withdrawals to be paid in 'only' two days and loans funded within a month
Membership 2,346
Assets $808,175
1967
Memberships were opened to employees at all Qantas locations
Charging fees for excessive transactions was approved
30 June 1967, the first and only operational loss ($59.00) was recorded due to the introduction of NSW stamp duty on payroll deductions which was absorbed by the Credit Union
Membership 2,346
Assets $1,308,787
1968
Membership 4,111
Assets $2,017,036
1969
50% of Qantas employees were members and membership was growing at 100 per month
Membership 5,132
Assets $3,002,757
1970
The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
Accounting records were computerised (weekly batch processing by an external bureau)
Quarterly statements were introduced
Membership 6,312
Assets $4,087,280
1971
The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
Accounting records were computerised
Quarterly statements were introduced
Membership 6,312
Assets $4,087,280
1972
Mortgage lending and budget savings accounts were introduced
Membership 7,192
Assets $6,048,268
1973
The maximum loan was increased to $10,000
Membership 7,706
Assets $8,312,793
1974
Loan demand was in excess of supply
The Member newsletter was launched and was produced on an ad hoc basis
Membership 8,545
Assets $9,543,513
1975
Error in loan agreements required renegotiation of loan contracts made on incorrect forms – only 1 member refused to renegotiate
Membership 9,613
Assets $17,060,126
1976
Deposit and withdrawal books were introduced
Legislation was passed to establish a Credit Union Stabilisation Fund in NSW to protect members' deposits
Membership 10,370
Assets $24,818,724
1977
The maximum loan was increased to $50,000
Head office relocated to Qantas JetBase at Mascot and Sydney City office opened in the old Qantas House
Membership 10,952
Assets $32,269,465
1978
NSW Credit Union Savings Reserve Board was established to provide depositor protection
Credit Union’s Manager, Bert Gould is appointed as first Chairman
Membership 11,557
Assets $39,063,747
1979
The maximum unsecured loan was increased to $5,000
1959
